In exercise of the powers conferred by sections 196, 201, 202, 219, and 220 read with section 240 of the Insolvency and Bankruptcy

## Report on Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Amendment Regulations, 2022 **1. Executive Summary:** This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professional Agencies Amendment Regulations, 2022, as published in the Gazette of India on July 4, 2022. This amendment primarily focuses on disciplinary proceedings against Insolvency Professional Agencies. The core purpose of this amendment is to substitute the existing regulation 8 of the Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Regulations, 2017, by stating that disciplinary proceedings shall now be conducted in accordance with the provisions of the Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017. The key finding is a procedural shift in how disciplinary actions against Insolvency Professional Agencies are handled. **2. Introduction:** This report aims to provide a concise and informative overview of the Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Amendment Regulations, 2022, based solely on the information provided within the official gazette notification. It outlines the purpose, key changes, and potential impact of the amendment. **3. Policy Overview:** * This report analyzes an amendment to the Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Regulations, 2016. * The core objective of this amendment, as inferred from the text, is to streamline and align the disciplinary proceedings of Insolvency Professional Agencies with the existing "Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017". **4. Background and Rationale:** This amendment likely stems from a need to standardize and potentially strengthen the process for handling disciplinary matters related to Insolvency Professional Agencies. The amendment suggests that the previous regulation 8, likely detailing the disciplinary process, was deemed inadequate or inconsistent with the broader framework established by the "Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017." The rationale appears to be to create a more cohesive and consistent regulatory approach towards inspection, investigation and disciplinary actions. **5. Key Provisions / Changes:** This amendment specifically modifies Regulation 8 of the Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Regulations, 2017. * **Specific Part Changed:** Regulation 8, pertaining to "Disciplinary proceedings". * **New Rule/Provision:** The new Regulation 8 states: "The disciplinary proceedings shall be conducted in accordance with the provisions of the Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017." * **Difference/Effect of Change:** This amendment removes the previous disciplinary procedure (presumably outlined in the original Regulation 8 of the 2017 Regulations) and replaces it with a reference to the inspection and investigation regulations of 2017. This indicates a shift towards a process likely involving inspection and investigation prior to, or as part of, any disciplinary action. The specific details of the disciplinary process are now governed by the referenced "Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017". **6. Target Audience and Stakeholders:** The primary target audience and stakeholders directly affected by this amendment are the: * Insolvency Professional Agencies. * Individuals or entities involved in disciplinary proceedings against Insolvency Professional Agencies. * The Insolvency and Bankruptcy Board of India (IBBI) itself, as the regulatory body responsible for overseeing these agencies and proceedings. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Insolvency and Bankruptcy Board of India (IBBI) is the responsible body for implementing and overseeing this amendment. * **Timelines/Procedures:** The amendment comes into force on the date of its publication in the Official Gazette (July 4, 2022). The specific procedures for disciplinary proceedings are now dictated by the "Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017," but the text of the amendment itself does not detail these procedures. **8. Expected Outcomes / Impact of Changes:** The intended outcome of this amendment is likely to create a more standardized, transparent, and potentially rigorous process for handling disciplinary matters related to Insolvency Professional Agencies. By aligning disciplinary proceedings with the inspection and investigation regulations, the IBBI aims to ensure consistency and fairness in the enforcement of regulations. This could also lead to increased scrutiny of Insolvency Professional Agencies and potentially more effective disciplinary actions when warranted. **9. Conclusion:** The Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Amendment Regulations, 2022, represents a procedural shift in the handling of disciplinary proceedings against Insolvency Professional Agencies. By referencing the "Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017," the IBBI aims to streamline and strengthen the disciplinary process, potentially leading to greater regulatory oversight and accountability within the insolvency profession. The amendment is effective from July 4, 2022, and its impact will depend on the specific provisions outlined in the referenced Inspection and Investigation Regulations.

Key Entities Referenced